Recurring series
Mizuho InternationalCross-Currency Weekly
Finvaulta tracks 4 editions of Cross-Currency Weekly from Mizuho International, published between May 22, 2026 and June 26, 2026. Each edition is summarized on its own page.
Latest edition · June 26, 2026
XCCY Weekly 2026-06-26
Risk sentiment turned bearish, driving a wider cross-currency basis across major pairs despite active reverse samurai issuance. Investors are demonstrating a duration-grab behavior, leading to notable flattening in the rates curves.
This week's cross-currency market was defined by a bearish turn in risk sentiment, leading to widening basis spreads in EURUSD, GBPUSD, and USDJPY. While Yankee and GBP issuance remained active, the market was dominated by macro-driven flows and a clear 'duration grab' from Developed Market investors, which induced significant curve flattening. Looking forward, the report highlights an anticipated wave of reverse samurai issuance in July and notes that technical factors, such as the quarter-end turn and spot USD strength, are exacerbating the widening momentum.
Read the latest edition in fullKey takeaways from the latest edition
- 1.Bearish risk sentiment drove XCCY basis spreads wider globally.
- 2.Active reverse samurai issuance signals a significant issuance wave for July.
- 3.Ongoing duration grab behavior from DM investors is driving major curve flattening.
What this series covers
- XCCY
- Commentary
- Notable cross border issuance
- Appendix 1: Government bond Asset Swap levels
- Appendix 2: Issuance Deep Dive – Samurai and Reverse Samurais
- Important Information
- Disclaimer
Edition archive
Series at a glance
- Editions tracked
- 4
- First edition
- May 22, 2026
- Latest edition
- June 26, 2026